Press Releases

Notice of Redemption of Units in the National Bank Canadian Opportunities Fund

Montreal,
1 December 2009 -

National Bank of Canada (the Bank) notified today National Bank Securities Inc., the manager of the National Bank Canadian Opportunities Fund (the Fund), of its intention to redeem $25 million of Fund units, representing 11.5 % of the total net asset value of the Fund.

The Bank’s decision is part of its normal course of business and in no way reflects an opinion on the quality of the investment per se. The Bank will remain a significant investor in the Fund.

The redemption will take place on December 31, 2009 and the units redeemed will be subject to the year-end distribution of the Fund, in accordance with the terms set forth in the Fund’s simplified prospectus.

About National Bank Securities Inc.National Bank Canadian Opportunities Fund is offered by National Bank Securities Inc., a wholly owned subsidiary of National Bank ofCanada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds' securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds is not guaranteed, its value changes frequently and past performance may not be repeated.

About National Bank of CanadaNational Bank ofCanada, which is celebrating its 150th anniversary in 2009, is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. National Bank has close to $135 billion in assets and, together with its subsidiaries, employs 17,772 people. The Bank’s securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank’s website atwww.nbc.ca.

Information (The telephone number provided below is for the exclusive use of journalists and other media representatives.):